Oil has steadied after steep falls in the previous two trading sessions, as investors waited to see if efforts to end the US-Iran war and restore traffic through the blockaded Strait of Hormuz were making progress, Reuters reports.

Brent crude futures rose 26 cents, or about 0.33 per cent, to $79.62 a barrel by 0110 GMT. US West Texas Intermediate futures rose 0.16pc, or 12 cents, to $75.90 a barrel.

Qatar said on Tuesday mediators were making progress in efforts to end the war, driving oil prices lower, although Tehran has denied US President Donald Trump’s assertion that talks are already under way. Brent closed on Tuesday below $80 a barrel for the first time since July 13.

Brent closed more than 5pc lower on Tuesday after the comments from Qatar, extending Monday’s steep losses on hopes that an arrangement could soon be reached.